KUALA LUMPUR, 17 August 2022: Faszz Technology (Faszz), Malaysia’s only halal-certified logistic and ride-hailing operator, is acquiring a 51% stake in Incite Foodtech Sdn Bhd (IF), a fast-growing food-tech venture that owns various quick-service brands such as Union Artisan Coffee, Hope Coffee, Eggdicted and Wondermaman.
“The acquisition will enable us to build a first-of-its-kind unified halal ecosystem, from food delivery service, grocery marketplace, ride-sharing, to Islamic financial technology,” said Faszz Technology Founder, Dato’ Ishak Mohd Ishtiaq. “This will further strengthen Malaysia’s position as the nucleus of the global halal industry.”
The move is part of Faszz’s effort to diversify while still adhering to the principles of “Halalan Toyyiban” and Shariah guidelines. Faszz expects this collaboration will be a fitting response to the latest government’s call for industry players to build more innovative products and market development strategies by leveraging cutting-edge technology and capitalising on digital transformation.
According to Halal Development Corporation (HDC), Malaysia’s Halal industry market value is expected to reach USD147.4 billion by 2025.
Despite the pandemic, in less than 20 months, Incite Foodtech has grown to own nine brands under its QSBF brand portfolio, operating in more than 25 locations across Klang Valley. Recently, it expanded into the Indian market, partnering with Village Groupe, India’s first co-food provider.
Leveraging Malaysia’s global leadership in the Islamic economy, Islamic finance, and Islamic fintech, such unique ecosystem development has the potential to cement Malaysia’s global position as an Islamic Digital Economy (IDE) Hub. IDE, which spans the Islamic Fintech, Halal, and Lifestyle sectors, provides a solid value proposition for businesses-to-business and businesses-to-consumers looking to offer products and services to the growing ethically conscious customer base around the world.
According to Faszz, the introduction of halal offerings will come in phases. As for this year, the focus will be on enhancing the existing halal food delivery platform and launching a halal grocery marketplace. E-wallet, ride-sharing, and fintech solutions will follow in 2023 and 2024. The group aims to hit MYR100 million in revenue within two years and looks at expanding the business in ASEAN countries and the Middle East.
